ErnieS0
Expert Alumni

Business & farm

Yes. Those forms are part of Form 1120S. They are filed with the return and a copy of Schedule K-1 and Schedule K-1-P is also given to each shareholder.

 

Form 1120S in a subchapter S corporate tax return. An S Corp is a special type of corporation. It generally pays no tax itself. Instead, each shareholders claims a portion of the income, deductions and credits on their tax returns. The amount to claim is reported on Schedule K-1. The Illinois amount is on Schedule K-1-P.

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